Question

My husband is getting ready to switch jobs, and we are trying to figure out insurance for my three kids until the benefits from the new insurance kick in (90 days).
We can't ask his HR department because he is still in the interview process and hasn't recieved the job offer yet so we don't want them to know he is looking.
I'm looking into just having them insured with a temporary policy from a private insurer like Anthem, but we want to look into all of our options before we choose one. If you have any suggestions please feel free to share them!
Thank You!

a few seconds ago 7 Answers

Best Answer

You can get insurance under COBRA if you quit. You must pay the full price. If you only paid 20% before it will cost 5 times as much (for example).
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan.
COBRA generally requires that group health plans sponsored by employers with 20 or more employees in the prior year offer employees and their families the opportunity for a temporary extension of health coverage (called continuation coverage) in certain instances where coverage under the plan would otherwise end.

a few seconds ago

Other Answers

COBRA will be available to you for 18 months if you leave your job. Under the COBRA act if you have a pre-existing condition then the number of months you had with your previous health carrier "erases" the number of months that you would have the pre-existing conditions excluded. A short term policy( 30, 60 or 90 days policies) do not count to "erase" those months. Make sure you pay for the coverage thru your previous carrier or take out an individual policy (just not a short term policy). Your previous employer can charge you 102% (the 2% is for their administrative charges)
You can get more info on COBRA at http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.html

Yes. I switched jobs a few years ago and I used Cobra until my new job's insurance because available. It costs a lot of money to do this but it is better than the cost of medical bills when you are uninsured.

The temporary policy you are looking at will cover you fine if as long as you do not have any major pre-existing conditions.
Keep in mind, most of the Temporary policies do not have office visit and Rx Drug co-pays.... these service (for the most part) are subject to your deductible and co-insurance.
Also - keep in mind Federal COBRA only applies to companies that have 20 or more employees.
If everyone in your family is healthy - the temporary policy will do just fine until his employee benefits kick in.

Yes, absolutely, it is the law that for whatever reason you leave a job, your company has to offer you cobra insurance..you will have to pay for it, even if your company pays for it now, but it is cheaper to do that than take out a private policy. I had coverage on my husband when he developed cancer and during his illness, I changed jobs, but I was able to carry the cobra on him until my new policy kicked in..however, they only have to offer it for 6 months so make sure you get anew policy as soon as possible, and by the way, I hope he gets the job if it means advancement for him..and your kids will be covered..make sure he asks his HR director for the form as soon as he leaves the company to continue his insurance..youonly have 30 days to apply for the cobra.

COBRA insurance will cost you a fortune. When I changed jobs my insurance went from $70 a month for an individual policy to over $600 a month, so if you have 3 kids and two adults... well I just hope his new job pays REALLY well. Does his new job have insurance? Some companies begin coverage right away and others make you wait 30-180 days before coverage begins.